Panama has been considered an ideal retirement destination since 1999, with the country making progressive steps to attract new prospects. InternationalLiving.com have added to the plaudits for the republic by naming Panama the Best Place to Retire in 2014 in their annual Global Retirement Index. Other “retiree friendly” nations listed with Panama are such notable peers as Spain, Malaysia, Ecuador, and Panama’s neighbour to the north – Costa Rica.
We have examined this article and will take a look at what InternationalLiving.com thinks are Panama’s biggest retirement selling points and why they rank Panama as the best place to retire.
Value of Retirement in Panama
When the overview of a country is titled “Convenient, Easy, and Affordable” it isn’t hard to see what conclusions have been reached. Talking of the “allure” of Panama for retirees is very much at the core of this article, especially in the way it differentiates itself from its competitors. Panama is top of the list for value in the eyes of InternationalLiving.com, primarily thanks to its progressive laws regarding retirement in Panama and its geographical location.
Fewer than 3 hours from Miami, the only country in Central America with a “true First World city”, and zero chance of hurricanes making landfall. Panama is a sweet destination for those who arrive here, with its geography and physical location serving as an immense selling point to investors. The benefit of its favorable tax laws and visa requirements, coupled with its immediacy of location for expats looking to visit family and maintain businesses in South or North America, make Panama a true “hub of the Americas”.
North Americans, especially U.S. Citizens, are particularly welcome in Panama, according to the article. A shared currency (the Panamanian Balboa is the U.S. Dollar by another name) acutely singles Panama out for praise, as well as the fact that “English is widely understood, and the international community is large and welcoming”. As the shopping hub for Central and South America (it is considered the shopping capital for luxury or middle end goods in Latin America), Panama also attracts the largest brands and goods providers to its shores – something that has been praised as tremendously convenient by the travel giant.
Alongside the comparative ease with which one can maintain hobbies previously enjoyed in a parent country, Panama offers a large number of international standards for recreation – “No matter what you like to do… loll on the beach, golf a championship green, hike the highlands, join special interest clubs…you’ll be busy here.” This lifestyle is affordable in comparison to the United States and Europe especiall; although, as the article states “it offers more temptation and opportunity to spend than some other overseas havens.”
Retirement Visa & Immigration Policy
“What’s so special about Panama today? At the top of the list are its welcoming immigration policies.”
They certainly aren’t misguided with this one. Panama has maintained a continuously welcoming stance to immigrants and expats since the construction of the Panama Canal, a tradition it assiduously cultivates with friendly legislation. In 2013 alone new residency programs were added to the Panama visa list, helping to make it easier than ever to start afresh here. As InternationalLiving.com state, this is “Quite a feat, since Panama has always been accessible in that regard.” Listing a number of significant additions and traditional mainstays, including the evergreen Pensionado program, also known as the Panama retirement visa, the expat website places this at the heart of retiring to Panama’s appeal. Regardless of age, any and all foreigners with a pension may be accepted, with residence a certainty. As they state, the only requirement is that a pension must be valued at $1,000 a month “and even that rule has its exceptions.”
With visas that take in Friendly Nations, Professional Residence, and much more, Panama is the perfect place to gain residency or work your way towards a second citizenship and passport.
Economic Expansion and Improved Infrastructure in Panama
Panama is a tiny country. It has a population of fewer than 5 million and a land mass smaller than nearly any U.S. state.
Nonetheless, the country has huge ambitions in almost every way. A vast canal expansion project is taking place to make Panama even more central to the global economy, while in the capital new roads, railroads, and transport solutions are being built. The country will soon have the region’s first ever Metro system, making it even friendlier for those looking for a thriving city that is easier than ever to get around.
“Now new buses, roads, traffic lights, overpasses, pedestrian bridges and more are helping speed things along.” Succinctly put and correct. Panama is investing billions of dollars into improving its practical infrastructure and it is beginning to show, with the city’s legendarily bad traffic being the focus of the attention. Public transport, better roads, faster flowing traffic systems – all of these coming together in 2014 make retirement in Panama a better idea than ever.
As well as this improvement, Panama leads the way in Central America thanks to its incredible record with internet access, pure water, hospital facilities, and pro-investment culture. The stability of the region, even during its darkest hours, has led to a remarkable economic progress beginning in the 60’s and continuing strongly to this day.
On that note, we’ll leave you with the words of InternationalLiving.com themselves – “The country that ruled the roost that is the Global Retirement Index for seven consecutive years is back at number one.”
Welcome back to the top Panama. You deserve it.
